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chicago and detroit? i spent time in both places, anybody who have been to those places say chicago's nothing like detroit, and look at the reasons that it actually doesn't make sense they would be on the same path. chicago, different city than detroit in that there's a strong tax base, a growing population. detroit's population, you know, famously has slunk dramatically. there's companies moving into town, boeing recently relocated its corporate headquarters here, and it's also a multiindustry city, not like detroit with a single industry that drives the town, but here's how they are the same. pensions, it comes down to pensions. municipal pensions. chicago has four pension funds, short about $20 billion. they got a budget deficit of about three-quarters of a million dollars. moody's downgrade the the city, and it's not going to get better as time goes on. in 2015, a new state law requires even more to be put into the pension funds, and that could cause property tax increase of maybe a hundred to 150%. a
chicago and detroit? i spent time in both places, anybody who have been to those places say chicago's nothing like detroit, and look at the reasons that it actually doesn't make sense they would be on the same path. chicago, different city than detroit in that there's a strong tax base, a growing population. detroit's population, you know, famously has slunk dramatically. there's companies moving into town, boeing recently relocated its corporate headquarters here, and it's also a multiindustry...
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is but their pension obligations are, their pension system is in worse shape than detroit's, detroit's system is considered an argument how well funded it is but they have four pension systems in chicago, one of them is only 25% funded and the other one is only 38% funded. lori: may be funded through property taxes. no one will raise property taxes. >> interesting you say that. former chief financial officer of chicago did an estimate, in order to pay the bill they would have to raise property taxes 50% to 100%. lori: who is going to vote for that? >> the illinois constitution says you have to pay the pensions so here you have the immovable object and irresistible force. >> any other sources? >> no matter where the money comes from is coming from taxpayers, not the state of illinois. they are a fiscal mess. they don't have enough money to put in their pension system. they have been borrowing billions every year and i can't think of another state with a fiscal problem that the level they do so is not from illinois. lori: is in a domino situation? we watched detroit and now chicago, woul
is but their pension obligations are, their pension system is in worse shape than detroit's, detroit's system is considered an argument how well funded it is but they have four pension systems in chicago, one of them is only 25% funded and the other one is only 38% funded. lori: may be funded through property taxes. no one will raise property taxes. >> interesting you say that. former chief financial officer of chicago did an estimate, in order to pay the bill they would have to raise...
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two weeks ago, detroit filed for chapter 9 protection citing debts of at least $18 billion. >>> shares of athlon energy jumping nearly 35% on the company's new york city debut. pricing its initial offering at 20 buck as share. >>> factory orders rising to a record high in june boosted by strong demand in airplanes, machinery and autos. mark the second month that autos have been at an all-time high. that is the latest from the fox business network, giving you the power to prosper. lori: jurassic profits. that is what bidders will be going for in this fall with a rare set of dinosaur bones hits the auction block. paleontologist is the consulting director of a natural history department and the man behind this auction. we literally yanked him off his latest dinosaur bone dig. we're so supposed to welcome him here to help us explain the value of these fossils. how they determine the value and really what the dinosaur bone market and industry is like these days. sir, welcome to you. this going up for auction is called the montana dueling dinosaurs piece an bonham's puts the value, expected
two weeks ago, detroit filed for chapter 9 protection citing debts of at least $18 billion. >>> shares of athlon energy jumping nearly 35% on the company's new york city debut. pricing its initial offering at 20 buck as share. >>> factory orders rising to a record high in june boosted by strong demand in airplanes, machinery and autos. mark the second month that autos have been at an all-time high. that is the latest from the fox business network, giving you the power to...
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ashley: detroit is trying to track its bankruptcy. we'll tell you what it could mean for creditors and retirees. but first, as we do this time of day let's take a look how oil is trading. essentially flat, a little lower, down 21 cents at $1906.74 a barrel. we'll be right back. -- $106.79 a barrel. [ male announcer ] how do you get your bounce? with the bounce dryer bar, my clothes will be fresh out of the drawer for weeks. and it's great when things last a long time. well...most things. [ male announcer ] how do you get your bounce? [ woman ] can't regret fresh. tracy: that time of day charles payne looking a oil in new guinea? >> papua, new guinea. this one is a little bit tough. everyone loves the oil and gas story, particularly natural gas. we love it. tracy: yeah. >> we understand it. papua, new guinea? tracy: a fair amount of people would have to leak on a map to figure out where new guinea is. ashley: to start. >> from a political point of view they have had issues. late last year they put the former prime minister on the board
ashley: detroit is trying to track its bankruptcy. we'll tell you what it could mean for creditors and retirees. but first, as we do this time of day let's take a look how oil is trading. essentially flat, a little lower, down 21 cents at $1906.74 a barrel. we'll be right back. -- $106.79 a barrel. [ male announcer ] how do you get your bounce? with the bounce dryer bar, my clothes will be fresh out of the drawer for weeks. and it's great when things last a long time. well...most things. [ male...
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they're not detroit's. when that analysis is done, at our present tax structure the taxable equivalent yield is about nine. where are you going to get nine in a liquid investment of very high credit quality? i don't see very much of it. so we shifted allocation to tax-free bond. ashley: very good. do your homework. always good advice. david kotok, thank you so much for joining us. we appreciate it. >> thank you. lori: let's take a specific look at the market because the gains thus far are evaporating slightly. lauren simonetti joins us from the floor of the stock exchange. you're watching a couple big movers on the session. >> on earnings, we have a winner and loser. let's start with teach very. that's a winner. shares are up 5% the company announced its highest net revenue and profit in the company's history. investors encouraged by that. additionally, several settlements of companies like cisco and motorola means teach very has more -- teach very has more cash to invest in research and marketing. overall
they're not detroit's. when that analysis is done, at our present tax structure the taxable equivalent yield is about nine. where are you going to get nine in a liquid investment of very high credit quality? i don't see very much of it. so we shifted allocation to tax-free bond. ashley: very good. do your homework. always good advice. david kotok, thank you so much for joining us. we appreciate it. >> thank you. lori: let's take a specific look at the market because the gains thus far are...
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they have not voted yet i don't think this will change because they can see what is happening detroit has just gone bankrupt and relied on gm and chrysler and ford they do not want to go the way of detroit to one of the pensions will be smaller you know, you'll end up with less at the end of the day. >> with the individual company you can change it if you change jobs in ticket with you that is the advantage. if you want to move to a better job you can without investing in your pension. tracy: give them props for trying. i don't know what they're thinking. [laughter] great to be with you. ashley: they go to the south because the state's give tax advantages nissan moved to just south of nashville for that reason so it makes sense. amazon moving into a new business rolling out where people can buy a fine art from people and galleries nearly 40,000 works by 5,000 artist but the well-known names are bringing in the big bucks the most expensive item norman rockwell going after four-point a million dollars. it's still works even with him in the war hall -- andy warhol. >> you would think you
they have not voted yet i don't think this will change because they can see what is happening detroit has just gone bankrupt and relied on gm and chrysler and ford they do not want to go the way of detroit to one of the pensions will be smaller you know, you'll end up with less at the end of the day. >> with the individual company you can change it if you change jobs in ticket with you that is the advantage. if you want to move to a better job you can without investing in your pension....
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ashley: detroit to beijing, two thundershowers flat. new technology could make the world much smaller. we're life in a fox business exclusive. like l.a. to new york in 40 minutes. >>> breaking news on the monthly budget deficit. let's get straight to it and go to peter barnes in washington. peter? >> hey, ashley, deficit was $90 billion in july. 40% increase from the $70 billion deficit reported in july of 2012, but, for the fiscal year-to-date, the deficit is actually down by about that amount. it clocked in for the first 10 months of the fiscal year-ending july at $607 billion. that compares to $974 billion for the deficit for the same period last year. and, of course, this improvement in the deficit, is due to those higher tax increases that kicked in january 1st. higher payroll taxes as well as higher taxes on the wealthier earners. and lower spending here in washington caused by those sequester spending cuts. we have two more months left in the fiscal year and two more months in that fight before the next round of, the next round i
ashley: detroit to beijing, two thundershowers flat. new technology could make the world much smaller. we're life in a fox business exclusive. like l.a. to new york in 40 minutes. >>> breaking news on the monthly budget deficit. let's get straight to it and go to peter barnes in washington. peter? >> hey, ashley, deficit was $90 billion in july. 40% increase from the $70 billion deficit reported in july of 2012, but, for the fiscal year-to-date, the deficit is actually down by...